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senior sells their home under this program, they receive fair market value and they would be free <br />of the hassles of making needed updates, repairs or holding open houses. If the home is purchase <br />by GMHC, they will make the renovations needed for resale to a first time buyer at and <br />affordable price (affordable to those making 80-115% of median income). To continue to <br />implement this program in Roseville, the HRA will need to provide gap funding to GMHC. <br />The HRA finance subcommittee requested that a better partnership with existing area realtors be <br />explored to jointly promote the program. GMHC will meet with Realtors to promote the program <br />and partnership and send out information via email for those unable to attend. The structure of the <br />partnership shall include the following: <br />a)A seller represented by a Realtor will pay the Realtor fee for homes purchased by <br />GMHC at no additional cost to GMHC. <br />b) If Realtor brings first time buyer to GMHC the Realtor will agree to a reduced <br />commission of 2.5% of the sales price. That additional cost will be added to the <br />Performa that calculated the second mortgage and gap funds. <br />c) Homes will be marketed through MLS but with the above understanding by local <br />realtors. <br />Member Hermes said she likes this proposal and explained the support for the program. The <br />program should not discriminate against single property owners, especially when dealing with <br />single parent families. <br />Member Hermes asked for clarification on a possible equity partnership with the new <br />homeowner. <br />Chair Majerus said he was excited about this program because it focused on a partnership <br />between the between public and private sectors. <br />Motion: <br />Member Hermes moved, seconded by Member Kelsey, to approve the distribution of <br />$200,000 to GMHC for the Senior Housing Regeneration Program for Roseville based upon the <br />identified program criteria above and marketed in partnership with local realtors. <br />Ayes: 5 <br />Nays: 0 <br />Motion carried. <br />9. Information, Reports and Other Business <br />a.Marketing Plan for Family Ownership Loan Program (HF32) <br />Cathy Bennett reiterated that in July the HRA approved the establishment of a Family Ownership <br />Loan Program with an initial loan pool of $250,000. The program is to be administered by the <br />HRC similar to the Owner Occupied Loan Program for a fee of $25,000. One of the keys to the <br />success of a new program is knowledge that it is available. Bennett provided a summary of the <br />proposed marketing plan for the program. She further advised that the costs of the program can <br />be funded with existing marketing dollars in 2005. <br />Member Kelsey noted that these are great ideas, but should have an analysis or tracking to <br />determine what gets the most “bang for the buck”. <br />Motion: <br /> Member Kelsey moved, seconded by Member Hermes, to move the recommendation to <br />the action agenda. <br />4 <br /> <br />